On_A_BEACH
Registered User
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- 4
Hi folks,
Staring next month and the month after, our two mortgages will go to interest and capital after being on interest only for three years. Naturally the bank want their money back. This we knew from the outset and have done our utmost to prepare for same.
Unfortunately having assessed our financial comings and goings it looks like i'll be going into arrears on the largest mortgage - i'd say a month or two into it.
Past three years have seen a fall in our own income and the rental income. It's not a question of won't pay - but - can't pay.
The smaller mortgage is 1.8% tracker on 300K.
The larger mortgage is 1.7% tracker on 834K.
The smaller mortgage i've declared as my principal residence some four months ago.
The larger mortgage is charged against a particular property with three other properties cross charged to it.
I have emailed, written and phoned the bank, but this is their general policy at the moment - of trying to force everyone off their buy-to-let trackers and onto variable rates, which they'll put up whenever it suits them..
I'll be a bit more specific in the next post re: info/answers on what i should do, but have to go now as baba needs feeding. Is there any other general info ye need in the meantime??
Cheers everyone...
Staring next month and the month after, our two mortgages will go to interest and capital after being on interest only for three years. Naturally the bank want their money back. This we knew from the outset and have done our utmost to prepare for same.
Unfortunately having assessed our financial comings and goings it looks like i'll be going into arrears on the largest mortgage - i'd say a month or two into it.
Past three years have seen a fall in our own income and the rental income. It's not a question of won't pay - but - can't pay.
The smaller mortgage is 1.8% tracker on 300K.
The larger mortgage is 1.7% tracker on 834K.
The smaller mortgage i've declared as my principal residence some four months ago.
The larger mortgage is charged against a particular property with three other properties cross charged to it.
I have emailed, written and phoned the bank, but this is their general policy at the moment - of trying to force everyone off their buy-to-let trackers and onto variable rates, which they'll put up whenever it suits them..
I'll be a bit more specific in the next post re: info/answers on what i should do, but have to go now as baba needs feeding. Is there any other general info ye need in the meantime??
Cheers everyone...
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